Medicare Supplements

Medicare Supplements 101

Medicare Supplement plans sometimes referred to as Medigap plans provide peace of mind.  Original Medicare Parts A & B pay first and they must both be in place to get a plan. The Medicare Supplement you choose will help pick up much or all of the remaining approved Medicare costs.  If you aged into Medicare before 1/1/2020, Plan F is the most comprehensive plan and it picks up all the cost (I have never recommended). If you age in after 1/1/2020, Plan G is the most comprehensive and you will have some cost sharing on the Part B deductible. Plan G has always made more sense over F since its creation.

I have informative video's below:  

1. The three most popular plans. 

2. My favorite plan-High Deductible G. 

3. Top Medicare supplement declines. 

4. Why pre-existing conditions are typically not a concern. 

Why Medicare Supplements?

• Medicare Supplements provide predictable healthcare spending outcomes.  They have low out of pocket exposure outside of your premium.  
• You can choose any doctor or hospital that accepts Medicare. 100% of hospitals and approximately 95% of physicians nationwide.  
• No referrals necessary, simplifying seeing a specialist of your choice.  Especially in highly skilled fields.
• No Prior Authorizations.
• If travelling, you don't have to worry. You can use your plan anywhere without having to make sure you're in the network. 
• Standardized plans across the country.  It's the same plan no matter what company you choose or where you live.
• You may change plans anytime.  

When can I change my Medicare Supplement?

You can shop Medicare Supplement plans anytime. However, outside the initial 6-month Medicare supplement open enrollment window (Part B effective date), you will be asked medical questions and may not qualify (see top Medicare supplement decline video below). Unfortunately, some people could be with one plan for life depending on health. Therefore, it's important to pick the right plan and not the cheapest.

Why Switch?

You will see increases in premiums as you age (see Medigap G vs HDG Rate Inflation Video below).  I have literally saved people $100's to $2724 in a year.   Who should get a quote or consider switching? 1. You're new to Medicare 2. You've been with the same carrier for 5+ years. 3.  You have Plan F and you consider yourself healthy. 4.  You have a Medicare Advantage plan.  5.  You have no idea what plan you have or who helped you get it. 5. You will have me from start to finish.

Annual Election Period (10/15-12/7)

Medicare supplements do not have an annual election period like Medicare Advantage and Prescription Drug plans. If you're happy with your plan and premium, you don't need to do anything. However, if you want to drop your Medigap plan and enroll in a Medicare Advantage plan, this is your window.  Just remember, you may never be eligible for another Medigap plan again.

If you have a Medigap plan, you likely have a stand-alone prescription drug plan. You can change prescription plans this time of the year.  It's always a good idea to shop plans, especially if any prescriptions have changed.